Key word: Licensing. If you are a federally-supervised FI and the FI and its MLOs have registered under 12 CFR 1007 (Bureau Reg G), it's not something you need to worry about. If yours is a mortgage company or other concern that is subject to state licensing under the SAFE Act, pay attention to it.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8